370 East 76th Street (Newport East)

A 1966 white-brick-era slab, 19 stories, on a 35,975-square-foot lot with roughly 386,000 square feet of building — the largest footprint of anything in its immediate Lenox Hill peer group. The plan is a three-wing arrangement (A, B, C) around service cores, with retail occupying the First Avenue base and the garage below it. There is no landmark constraint and no historic district; window replacement, through-wall air conditioning and terrace work are governed by the building's own alteration agreement and DOB, not by LPC.

The inventory runs the full postwar range: studios and one-bedrooms in volume, two- and three-bedroom apartments through the middle of the stack, and combined apartments — DOB filings on record document unit combinations across multiple wings and floors — at the top. Penthouse-tier units in the B wing carry the best light and outlook in the building. Exposures vary sharply by wing: First Avenue frontage, East 75th and East 76th Street frontage, and interior-facing lines, with upper floors picking up open East River and skyline views over the low-rise stock to the east.

Ceiling heights and layouts are of their period — efficient, with defined foyers in the larger plans, and good closet counts. The building renovates well and the alteration agreement is a working document rather than an obstacle; the corporation collects alteration deposits as a matter of course.

Full service, union staff under the SEIU Local 32BJ collective agreement (the pension fund is certified in the green zone), with a live-in resident manager, 24-hour doorman and concierge, two central laundry rooms, health club, bike room, private storage, the attended garage, and the rooftop pool and sundeck operated seasonally. The health club and pool are fee-based; laundry, garage and health club together produced roughly $835,000 of ancillary revenue in the most recent reported year.

Capital posture, from the audited statements on file. The corporation has been running a continuous capital program. Recent completed work includes a rooftop and pool-area renovation, a bike room renovation, a service entrance project, exterior restoration, health club upgrades and stairwell painting. Committed forward work includes a roof replacement and amenity upgrade contracted at approximately $1.46 million and a garage restoration project in its consulting phase.

That program is funded by assessment rather than by reserves alone, and the assessments have been continuous since 2021:

• A capital assessment of $650,000 (about $8.40 per share) imposed January 2021 and extended twice, running through 2023
• A capital assessment of approximately $900,000 (about $11.62 per share) imposed January 2024 and extended a further twelve months from January 1, 2025
• Operating assessments of roughly $10.52 per share in the most recent reported year, sized to match the citywide co-op tax abatement the corporation refunds to shareholders, plus supplemental operating assessments of $300,000 in 2023 and roughly $170,000 in 2024

Capital reserves stood at roughly $2.41 million at the most recent year-end on file, up from about $1.19 million the year before — the assessments are rebuilding the reserve, which is the right use of them. Maintenance for the current budget year was set at approximately $97.24 per share annually, a 5.83 percent increase.

Real estate taxes are the corporation's largest single expense by a wide margin — roughly $4.67 million in the most recent reported year against total operating cost near $10.2 million. That is the structural fact behind maintenance at this building, and no abatement mitigates it.

One item a buyer's attorney should ask about: the mortgage closing required the corporation to post $45,000 of collateral security with its lender against the removal of an above-ground storage tank in the lower level of the parking garage. The deposit was still held at the most recent year-end on file, which indicates the remediation work had not yet been signed off. It is a small sum and a routine environmental item, but it is open.

This is the most consequential thing on the page.

The corporation is lessor under three commercial leases. The minimum base rents contracted under those leases, as disclosed in Note 8 of the audited financial statements on file, step down sharply:

Roughly $810,000 of contracted base rent rolls off between 2026 and 2027 — about eight percent of total revenue, and equivalent to more than eleven percent of the maintenance the shareholders currently pay. Leases do not simply expire into nothing; the board's plain intention will be to re-let at market, and First Avenue retail in Lenox Hill is a leasable product. But the outcome is not contracted, and a buyer underwriting this building should assume that between 2026 and 2028 the corporation must either replace that income or find it in maintenance and assessments.

Two additional facts frame it. The garage is on a management agreement running through December 31, 2033, with an annual base of $660,000 through 2027, stepping to $720,500 in 2028 and $726,000 in 2029, reduced by monthly charges billed directly to shareholder parkers — that income is contracted long. And the underlying mortgage matures September 1, 2029 with a balloon of roughly $10.26 million, so the retail re-letting cycle and the refinancing sit within three years of one another. Neither is a problem today. Both are questions worth putting to the managing agent and the corporation's counsel before contract.

Financing: 75 percent maximum, so a 25 percent minimum down payment — permissive by Upper East Side co-op standards and one of the reasons this building is an entry point to Lenox Hill.

Flip tax: 2 percent of the sale price, paid by the seller.

Board package: a full institutional package, submitted digitally with five printed sets. It requires an executed contract, a verified statement of financial condition with dollar-for-dollar asset substantiation, an employer letter (or CPA verification if self-employed), the most recent signed federal return with all schedules and W-2s, a landlord or managing-agent reference, one professional and four personal reference letters, a credit release, and — if financing — the loan application, the commitment letter and three original recognition agreements executed by an officer of the lender. Third-party employment-verification services are not accepted.

Board interview: conducted by an Admissions Committee after package review. Applicants who own a pet must bring the pet to the interview.

Post-closing liquidity and debt-to-income ratio: not published in the purchase requirements on file. A building of this size with a 75 percent financing ceiling will apply both; ask the managing agent for the current thresholds before you write an offer, and run the Co-op Board Qualification Calculator against them.

Subletting: the most restrictive item in the stack, and it is documented. Six months of owner occupancy required before any sublet; minimum one year and maximum two years, once in any five-year period; a board rule standing since November 1993 provides that a sublease that has run two years will not be renewed "under any terms, circumstances or conditions." Subtenants file a full package with four personal reference letters and are interviewed; the managing agent advises allowing at least six weeks. There is a lease renewal fee. This is not an investor building, and it should not be underwritten as one.

Pied-à-terre and non-primary-residence use: not addressed in the purchase requirements on file. The sublet regime and the interview-based admissions process point toward a primary-residence house, but the board's actual posture on pied-à-terre purchases has to come from the managing agent.

Trust and LLC purchases, guarantors, co-purchase and gifting: not published. Estate-sale requirements exist as a separate document, which indicates the board has a defined process for estate transfers. Ask for the current position on each structure in writing before offering.

Pets: permitted with a signed rider, subject to a 20-inch and 30-pound cap on dogs and cats at full growth, and a prohibition on reptiles, spiders and loud birds. The size cap is a real screen — it eliminates a large share of the dog-owning buyer pool, and sellers should know that going in.

Recent sales

Recent transfers at this building, curated by The Roebling Team research desk. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2026) cleared a median $1,105/sf across 4 sales. Median listing discount 2.5% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01450-0023) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage on co-ops is not officially recorded, figures shown are approximate.

Joe Namath, the New York Jets quarterback, lived in a penthouse apartment at 370 East 76th Street during his playing years; the residence is documented in contemporaneous news-photograph archives.

No other residents are documented in the public record in connection with the building.

Model maintenance plus assessment, always. The corporation has assessed continuously since 2021 — a capital assessment extended into 2025 and operating assessments layered on top. Run the True Monthly Carrying Cost Calculator on the combined number, and ask the managing agent for the current per-share assessment schedule.

Ask about the 2027 commercial rent step-down. Contracted base rent under the corporation's three commercial leases drops by roughly $810,000 between 2026 and 2027. Ask the board's counsel what the re-letting plan is. It is a fair question and a well-run board will have an answer.

Ask about the September 2029 refinancing. The $12.5 million mortgage at 3.09 percent matures with a roughly $10.26 million balloon. At any plausible 2029 rate, debt service will rise. That is a maintenance question three years out.

The sublet rule is strict and permanent. One year minimum, two years maximum, once in five years, no renewals past two years, six months of owner occupancy first. Do not buy here on an investment thesis.

Check the pet cap before you fall in love with the apartment. Twenty inches, thirty pounds, at full growth — for dogs and cats both — and the pet attends the interview.

Twenty-five percent down is the real advantage. A 75 percent financing ceiling is unusually accommodating for an Upper East Side co-op of this quality and is the reason this building clears at the volume it does.

Sell the amenity package. A seasonal heated rooftop saltwater pool and sundeck, a health club, an attended garage with a shareholder rate, and a live-in resident manager — at this price band, in Lenox Hill, that combination is close to unmatched. Lead with it.

Sell the 75 percent financing ceiling. It widens your buyer pool materially against neighboring co-ops requiring 30 to 50 percent down. Say it in the first line of the marketing.

Be ready for the assessment question, because every attorney will ask it. Have the current assessment schedule, the capital project list and the reserve position in hand. The reserve has roughly doubled year over year — that is the answer, and it is a good one.

Price to your wing, floor and exposure. In a 368-unit building, the only comparables that matter are recent closings in the same wing and the same tier. Building averages will mis-price you in both directions.

Two percent flip tax, paid by you. Build it into your net analysis at the outset — run the Seller Closing Cost Calculator.

If you're considering 370 East 76th Street, also evaluate:

• 363 East 76th Street (Sherman Towers) — the immediate cross-block postwar co-op neighbor; smaller, no pool
• 241 East 76th Street — postwar Lenox Hill co-op west of Second Avenue
• 240 East 76th Street — full-service co-op on the same street, closer to the Second Avenue transit spine
• 350 East 72nd Street — large full-service East 70s co-op; the closest peer in scale and service tier
• 225 East 73rd Street — postwar co-op a few blocks south
• 345 East 73rd Street — First Avenue–adjacent postwar co-op in the same submarket
• 340 East 74th Street — large postwar co-op with an amenity program
• 200 East 74th Street — full-service co-op on the Third Avenue side
• 205 East 78th Street — postwar Yorkville-edge co-op with comparable service
• 201 East 77th Street — full-service co-op one block north